Bulls were pushed to the sidelines by bears at the Pakistan Stock Exchange during the previous week since there were no market-moving positive signals. Skepticism regarding the IMF’s loan programme resurrection further dampened market interest, thus investors waited avidly for any positive stimulus to take new positions. As a result, the KSE-100 index, which is the industry standard, finished the week down 386 points, or 0.89 percent, to 43,101 points. In the absence of a new government willing to take aggressive measures to resuscitate the IMF programme, investors are concerned about the country’s declining foreign currency reserves. The benchmark index only rose 819 points on the first day, even though the political and economic situation was deteriorating. Trading conditions were severe this week as the rupee resumed its downward path. In spite of rapidly diminishing foreign exchange reserves, the rupee’s loss versus the US dollar continued throughout the week. This resulted in unsettled investors staying away from the market. In addition, the IMF’s restrictions for reviving the loan programme delayed domestic market trading. However, the stock market was able to experience some relief over the course of the next two trading days as the benchmark index gained almost 360 points cumulatively. This helped relieve some of the pressure that was being placed on the market. As a result of the drop in the market on the first day of trading, investors opened new positions at attractive valuations. In addition, the players on the market were encouraged to make new purchases as a result of an optimistic outlook that followed the restart of discussions between Pakistan and the IMF. On Thursday, the index once again saw some resistance, and as a result, it experienced a decline of approximately 43 points and finished in the negative zone. Throughout the course of the day, bulls and bears have seen butting heads, primarily as a result of the continuously falling value of the rupee and the diminishing amount of forex reserves in the absence of any positive. The decision was welcomed by the market because it was in accordance with the IMF’s conditions, which were being closely monitored.An important event to keep an eye on this week is the State Bank of Pakistan’s Monetary Policy Committee (MPC) meeting on Monday when we estimate a 100-basis-point rate increase,” noted an Arif Habib Limited report. “However, political clouds will once again lurk on the horizon,” the report said, adding “we believe that the market will only heave a sigh of relief until clarity emerges on the IMF programme, following the ruling of the ECP (Electoral Commission of Pakistan), disallowing votes of 25 PTI MPAs.” At 221 million shares per day, the average daily traded volume plummeted 19 percent from the previous week, while the average daily traded value decreased 26 percent from the previous week. Chemicals (66 points), fertilizers (19 points), engineering (15 points), paper and board (13 points), and vehicle assemblers all made significant contributions (10 points). Oil and gas exploration firms (148 points), cement (110 points), banks (99 points), pharmaceuticals (36 points), and technology and communication (36 points) all had unfavourable effects (27 points). There were a number of stocks that contributed positively to the stock market, including Engro Polymer, Fauji Fertilizer Company, Engro Fertilizers, Packages Limited, and the National Bank of Pakistan (13 points). Pakistan Petroleum Limited had a negative contribution of 59 points, Lucky Cement had 51 points, Pakistan Oil and Gas Development Company had a negative contribution of 43 points, Meezan Bank had 40 points and Mari Petroleum Company had 40 points (36 points). Foreign sales were $6.1 million during the week under review, compared to net sales of $1.9 million the previous time around. A total of $1.9 million was traded in fertilizer firms and $1 million in banks.